MIRA INFORM REPORT

Report Date :

04.01.2011

IDENTIFICATION DETAILS

Correct Name :	ACE CALDERYS LIMITED
Formerly known as :	ACE REFRACTORIES LIMITED
Registered Office :	Katni Refractories Works, P O Katni, Katni – 483504, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.08.2005
Com. Reg. No.:	11-17865
CIN No.: [Company Identification No.]	U02692MP2005PLC017865
TAN No.: [Tax Deduction & Collection Account No.]	NGPA03775C
PAN No.: [Permanent Account No.]	AAFCA3610G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Refractory Solutions

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 9900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINED BY

Name :	Mr. Manoj
Designation :	Accounts Department
Date :	03.12.2010

LOCATIONS

Registered Office/ Factory :	Katni Refractories Works, P O Katni, Katni – 483 504, Madhya Pradesh , India
Tel. No.:	91-762-2224564/ 221803/ 222050
Fax No.:	91-762-2224561
E-Mail :	vijayacs@acerefractories.com info@acerefractories.com info@accrefractories.com ppsingh@acerefractories.com pnb@acerefractories.com ravi@acerefractories.com sg@acerefractories.com
Website :	www.acerefractories.com
Location :	Owned
Corporate Office :	Thapar House Ground and First Floor, Temple Road Civil Lines, Nagpur 440 001 India
Tel. No.:	91-712-2528506 / 2560944 / 5-2560948/ 2536227
Fax No.:	91-712-2530885
Branches :	· 307, So Lucky Corner, Opposite Holy Family Church; Andheri-(E), Mumbai – 400099, Maharashtra, India Tel No.: 91-22-28270504 Fax No.: 91-22-28377095 · Flat No. 207, 2nd Floor, New Delhi House 27, Barakhamba Road, New Delhi – 110001, India Tel No.: 91-11-41571131 / 41571132 Fax No.: 91-11-23312682 · Nandi Commercial 14b , Camac Street , 3rd Floor Kolkata 700 017, West Bengal, India Tel No.: 91-33-22893901 / 22893902 / 22893903 Fax No.: 91-33-22893904 · Karaka Building No. 1 Ashram Road, Navrangpura, Ahmedabad-380009, Gujarat, India Tel No.: 91-79-26582648 / 26587643 Fax No.: 91-79-26587503 · Meco House 47, Mount Road, Chennai-600002, Tamil Nadu, India Fax No.: 91-44-28532-818

DIRECTORS

As on 30.09.2010

Name :	Mr. Umesh Chander Deveshwar
Designation :	Managing Director
Address :	3 Tapasya Apartments, Cement Road, Shivaji Nagar, Nagpur – 440 010, Maharashtra, India
Date of Birth/Age :	08.10.1948
Date of Appointment :	24.09.2007
Name :	Mr. Christian Louis Marie Marin
Designation :	Director
Address :	1 Bis Rue Du Docteur Rousseau Epernay 51200
Date of Birth/Age :	24.12.1966
Date of Appointment :	16.06.2008
Name :	Mr. Christophe Gerard Joseph Gerault
Designation :	Director
Address :	43 45 Luttichertrasse Koln 50674, Germany
Date of Birth/Age :	12.08.1975
Date of Appointment :	16.06.2008
Name :	Mr. Christian Jean Paul Schenck
Designation :	Director
Address :	13, Rue Camillelenoir, Reims – 51100 NA France
Date of Birth/Age :	05.02.1950
Date of Appointment :	24.09.2007

KEY EXECUTIVES

Name :	Mr. Manoj Kakani
Designation :	Company Secretary
Address :	D-5, Sanchayani building, Swalambi Nagar, Nagpur, Maharashtra, India
Date of Birth/Age :	18.04.1976
Date of Appointment :	29.01.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders (Equity Shares)	No. of Shares
Imerys Pigments Pte Limited	10737639
Umesh Chander Deveshwar	50000
Tapan Kumar Biswas	12888
Siddharth Kumar	5820
P G Verughese	2771
Chinmay Basu	5528
Santanu Basak	5528
Alok Nagar	4296
Sushil Kumar Sen	3264
A Easwara Moorthy	1568
Vinit Subodh Kalamkar	1528
Mohan Renganathan	1344
Nageshwar Prasad	313
Parimal Jayantilal Shukla	976
Suparna Basu	648
Ramkumar Dubey	306
Naveen S	162
Jaydeb Samanta	146
Surajit Sarkar	90
Sanjay Singh	64
Vidhata Rawat	115
T N Surendran	64
Ashish Kumar Sanyal	64
Bhupesh Gedam	216
A K Vishwakarma	256
Shyamal Bhattacharjee	256
G. C. verma	92
S. K. Acharjee	260
Sushavon Sarkar	144
N. P. Singh	216
Total	10836562

Names of Shareholders (Equity Shares)	No. of Shares
Imerys Pigments Pte Limited	40000000
Total	40000000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.08
Directors or relatives of directors	0.46
Other top fifty shareholders	0.46
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Refractory Solutions

Products :

Product Description	ITC Code No
High Alumina Refractory Binders	25239020
High Alumina Bricks and Shapes	69022020
Monolithics / Castables	69039040

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Installed Capacity	Actual Production
Refactory Products	165000	128876

GENERAL INFORMATION

Customers :

INTERNATIONAL CLIENTS

(A) BINDER (Calcium Aluminate Cements)

· Arabian Refractories Factory Company,  Dammam - Saudi Arabia

· AL GHANIM SPECIALITIES COMPANY W.L.L.- Kuwait

· Na'aman Refractories -Israel

· Mathios Refractories SA, - Greece

· Thermal Ceramics - England

· Christy Refractory - USA

· The Associated Refractories Manufacturer SDN BHD - Malayisa

· SIAM Refractory Thailand

· ORIND REFRACTORIES - China

· Dalian Morgan Refractories - China

· Azar Refractories Limited . - Iran

· Iran Refractories Company - Iran

· NASOOZIN ENGINEERING AND PRODUCTION COMPANY - IRAN

· KHUZESTAN REFRACTORY COMPANY - Iran

· NEGIN TEJARAT OFOGH - Iran

· NOURMETEC FOR BUILDING MATERIALS - EGYPT

· Maref Spa - Italy

· Linco Baxo Refractory, Italy

· Trent Refractories, England

· Hanse Refractories and Minerals Limited ., Pusan - S KOREA

· Iwatani Corporation - Japan

(B) STEEL INDUSTRY 

· Saudi Iron and Steel Company, HADEED - Saudi Arabia

· Gulf Ferro Alloy Company (SABAYEK), Dammam - Saudi Arabia

· Qatar Steel Company, Doha - Qatar

· Sharq Sohar Steel Rolling Mills - Oman

· Tema Steel Company Limited .,  GHANA

· Intrinsic Resources - Ghana

· Egyptian Iron and Steel Company - Egypt

· Mittal Steel - ANNABA - Algeria

· Mittal Steel, South Africa

· Mittal Steel - Czech Republic (Novahut)

· Mittal Steel -  Kazakisthan - ( Karmet )

· Mittal Steel - Canada  (SIDBEC) 

· Mittal Steel - Romania ( SIDEX)

· Bangladesh Steel Re-rolling Mill., Dhaka - Bangladesh

· Rahim Steel Mills Company (P) Limited . - Bangladesh

(C) CEMENT INDUSTRIES 

· Ras Al Khaimah Cement Company - United Arab Emirates

· Rasyut Cement - Oman

· Eastern Province Cement Company (EPCC) - Saudi Arabia

· Saudi Cement Company - Saudi Arabia

· Hima Cement Limited .,  Uganda

· Athi River Mining - Kenya

· Tororo Cement  - Uganda

· Udayapur Cement Limited . - Nepal

· Hetuada Cement Limited . - Nepal

· Lucky Cement Company Limited . - Pakistan

· Pahang Cement Company - Malaysia

· Lafarge Surma- Bangladesh

· Grand Cement Manufacturing Corp. - Philipplies 

· Benue Cement - Nigeria

· Chattak Cement Company Limited .- Bangladesh

· National Qatar Cement Company (SAQ) - Qatar

(D) PETROCHEMICAL INDUSTRY 

· Kuwait National Petroleum Company (KNPC)- Kuwait

· Qatar Petrochemical Company Limited . (QSC), Doha, -Qatar

· Qatar Gas Company,  Doha - Qatar

· Qatar Petroleum Company, Doha - Qatar

· Saint Gobain Norpro Corporation - USA

· Saint Gobain Norpro GmbH -  Germany

( E) MISCELLANEOUS 

· Qatar Fertilizer Company (SAQ) - Qatar

· Alexandria Carbon Black Company SAE, Alexandria - EGYPT

· Pan African Paper Mills Limited .,  Webuye- KENYA

· Athi River Mining - Tanzania

· Mowatt Refractories,  Sydney-  AUSTRALIA

· Thai Carbon Black Company - Thailand

· PT INDO Bharat - Indonesia

· Haycarb Limited. - Sri-Lanka 

· Mirigama Lanka Pvt. Limited .- Sri Lanka

· PT Mapalus Charkol Company - Indonesia

INDIAN CLIENTS

Cement

· Mawmluh Cherra Cement, Meghalaya.

· Shree Cements, Beawar.

· Tata Chemicals Limited, Mithapur.

· Tata Iron and Steel Companies.

· The Associated Cement Companies Limited.

Non-Ferrous

· INDAL, Belgaum.

· INDAL, Taloja.

· Jaipur Metals and Electricals, Jaipur. Sterlite Industries Limited, Pune.

· United Phosphorous Limited Ankleshwar.

· Hindalco Carbon and Chemicals Carbon Corporation Limited Nasik.

· Hindustan Electrographites Limited, Bhopal.

· Philips Carbon Black Limited , Durgapur.

· Graphite India Limited HFCL, Namrup.

· Iffco, Aonla.

· MFC Limited ., Mangalore.

· Tata Chemicals Limited, Babrala.

Steel

· Essar Steel, Hazaria.

· Jindal Strips Limited , Raigarh.

· Mondovi Pellets, Goa.

· Monnet Ispat, Raipur.

· Nippon Denro Ispat Limited ., Pen.

· Simplex Engineering, Calcutta.

· Seas Goa Limited ., Goa.

· TISCO, Jamshedpur.

· Vikram Ispat Limited ., Raigarh.

· ACC-NIHON Castings Limited, Nagpur.

· Refineries and Petrochemicals

· Bharat Petroleum Limited, Trombay.

· Gujarat Refineries Limited, Baroda.

Other Industries

· ISRO.

· PSLV Heat Shield, Shriharikota.

· Heavy Water Plant, Tuticorn.

· HPCL, Hirakud.

· Tata Ceramic Limited, Cochin.

· Kudremukh Iron Ore Cos. Limited, Bangalore.

No. of Employees :

450 : (400 in Office and 50 in Factory) (Approximately)

Bankers :

· Union Bank of India, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

· ICICI Bank, Land Mark Race, Cource Circle Baroda - 390015, Gujarat, India

· State Bank of India, Industrial Finance Branch, 5, Sai Complex, Bharat Nagar, Amravati Road, Nagpur-440 03, Maharashtra, India

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Term Loan from Banks The first charge is created on pari- passu basis over all movable and immovable properties of the Company. The second charge is created by hypothecation of all present and future current assets, and Receivables of the Company. The Term Loan Installments repayable within one year Rs. Nil (Previous year Rs.100.000 millions)	0.000	350.000
Total	0.000	350.000

Banking Relations :	-
Auditors :
Name :	S R Batliboi and Associates Chartered Accountants
Address :	6^th Floor, Express Tower, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel No.:	91-22-22876401
Holding Company:	Imerys Asia Pacific Pte. Limited
Ultimate Holding Company:	Imers Limited
Group Company:	Calderys South Africa (PTY) Limited Calderys India Private Limited Calderys France SAS Calderys Taiwan Company Limited Calderys Deutschland GmbH and Company OHG Calderys Jiansgsu Company Limited Calderys Italia Srl Calderys The Netherlands BV Calderys Nordic AB Calderys Australia Pty Limited Calderys Austria GmbH Calderys lberica Refractories Calderys Hungary Calderys UK Limited Jumbo Mining Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 millions
40000000	Preference Shares	Rs.10/- each	Rs.400.000 millions
	Total		Rs. 510.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10824518	Equity Shares	Rs.10/- each	Rs.108.200 millions
40000000	Preference Shares	Rs.10/- each	Rs.400.000 millions
	Total		Rs.508.200 millions

Notes

1) Of the above equity shares:

10,655,410 (Previous Year - 10,626,175) equity shares are held by Imerys Asia Pacific Pte Limited (Holding Company)

2) Options in force as of March 31, 2010 are 16,119 shares (Previous year 112,400 shares) 3) 40,000,000 Shares (Pervious year 40,000,000 Shares) are held by Imerys Asia Pacific Pte. Limited (Holding Company). The preference shares are convertible at par on December 7, 2010.

As on 30.09.2010

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 millions
40000000	Preference Shares	Rs.10/- each	Rs.400.000 millions
	Total		Rs. 510.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10836562	Equity Shares	Rs.10/- each	Rs.108.366 millions
40000000	Preference Shares	Rs.10/- each	Rs.400.000 millions
	Total		Rs.508.366 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		508.200	507.700	506.600
2] Share Application Money		0.000	0.000	3.600
3] Reserves & Surplus		1973.000	1568.000	1299.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2481.200	2075.700	1809.500
LOAN FUNDS
1] Secured Loans		0.000	350.000	450.000
2] Unsecured Loans		0.000	0.000	120.000
TOTAL BORROWING		0.000	350.000	570.000
DEFERRED TAX LIABILITIES		0.000	39.000	77.800
TOTAL		2481.200	2464.700	2457.300
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1451.200	1614.900	1778.600
Capital work-in-progress		3.800	10.700	6.100
INVESTMENT		478.200	471.900	63.800
DEFERREX TAX ASSETS		16.600	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	428.000	335.100	405.400
	Sundry Debtors	635.400	720.000	503.300
	Cash & Bank Balances	110.300	71.800	86.900
	Other Current Assets	2.600	0.000	0.000
	Loans & Advances	300.200	137.800	166.400
Total Current Assets		1476.500	1264.700	1162.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	537.500	556.100	288.000
	Other Current Liabilities	269.900	228.000	159.800
	Provisions	137.700	113.400	105.400
Total Current Liabilities		945.100	897.500	553.200
Net Current Assets		531.400	367.200	608.800
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2481.200	2464.700	2457.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	4263.600	4087.600	3189.700
		Other Income	54.200	132.000	51.700
		TOTAL (A)	4317.800	4219.600	3241.400
Less	EXPENSES
		Material Cost	1755.400	1707.300	1362.700
		Purchase of Trading Goods	793.000	891.100	543.300
		Personal Expenses	211.500	191.700	167.300
		Operation and other Expenses	732.600	742.700	604.900
		Exceptional Expenses	0.000	0.000	48.400
		Variation in Stock	(28.500)	(5.200)	(8.600)
		TOTAL (B)	3464.000	3527.600	2718.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		853.800	692.000	523.400
Less	FINANCIAL EXPENSES (D)		29.500	66.900	104.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		824.300	625.100	419.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		190.200	191.100	190.100
	PROFIT BEFORE TAX (E-F) (G)		634.100	434.000	229.200
Less	TAX (H)		208.300	147.800	78.500
	PROFIT AFTER TAX (G-H) (I)		425.800	286.300	150.700
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		624.300	361.400	234.100
Less	APPROPRIATIONS
		Preference Dividend	(20.000)	(20.000)	(20.000)
		Tax on Dividend	(3.400)	(3.400)	(3.400)
	BALANCE CARRIED TO THE B/S		1026.700	624.300	361.400
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	171.800	468.300	427.200
		Consultation Fees	21.400	9.300	0.000
		Services	17.800	27.200	100.800
	TOTAL EARNINGS		211.000	504.800	528.000
	IMPORTS
		Raw Materials	240.100	234.900	160.500
		Stores & Spares	0.300	0.000	0.000
		Capital Goods	6.100	6.600	0.000
		Trading Goods	91.500	69.800	0.000
	TOTAL IMPORTS		338.000	311.300	160.500
	Earnings Per Share (Rs.)
	Basic		37.32	24.53	12.37
	Diluted		8.38	5.65	3.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	9.86	6.79	4.65
Net Profit Margin (PBT/Sales)	(%)	14.87	10.62	7.19
Return on Total Assets (PBT/Total Assets}	(%)	21.66	20.91	11.81
Return on Investment (ROI) (PBT/Networth)		0.26	0.21	0.13
Debt Equity Ratio (Total Liability/Networth)		0.38	0.60	0.62
Current Ratio (Current Asset/Current Liability)		1.56	1.41	2.10

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
(a) Total outstanding dues of Micro and Small Enterprises	0.000	0.000	0.000
(b) Sundry Creditors other than Micro and Small Enterprises	537.500	556.100	288.000

BACKGROUND:

Subject has been incorporated on August 12, 2005. The Company is in the business of providing refractory solutions. In 2007-08 Imerys Asia Pacific Pte Limited has acquired 98% stake from the existing shareholders and consequently the company had become a subsidiary of Imerys Asia Pacific Pte Limited.

FINANCIAL PERFORMANCE:

The company posted another year of impressive results testifying to the robustness of the corporate strategy of creating multiple drivers of growth. The company recorded a Net Profit after tax Rs.425.800 millions during the year as against Net Profit of Rs.286.300 millions during the previous financial year. In the years to come your company is looking forward to give to its valuable shareholders continued growth and profits.

HOLDING COMPANY:

Imerys Asia Pacific Pte Limited is the Holding Company of Ace Calderys Limited.

Bankers Charges Report as per Registry

Corporate identity number of the company	U02692MP2005PLC017865
Name of the company	ACE CALDERYS LIMITED
Address of the registered office or of the principal place of business in India of the company	Katni Refractories Works, P O Katni, Katni – 483 504, Madhya Pradesh , India
This form is for	Modification of charge
Charge identification number of the modified	80006006
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	State Bank of India, Industrial Finance Branch, 5, Sai Complex, Bharat Nagar, Amravati Road, Nagpur-440 03, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Letter regarding the grant of individual limit within the overall limit
Date of instrument Creating the charge	26.10.2010
Amount secured by the charge	Rs.350.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: at SBAR, present effective rate 11.75% p.a. with monthly rests. EPC/PCFC/EBN: upto 180 days 3.00% below SBAR, present effective rate 8.75%p.a. 181-270 DAYS 1.75%below SBAR, i.e. 10.00% p.a. Terms of Repayment CC: on demand. Margin Raw Material: 30%. Stores and Spares: 30%. Semi-Finished Goods: 30%. Finished Goods: 30%. Book Debts: 30%. Extent and Operation of the charge First Pari-Passu Charge By Way Of Hypothecation Of Entire Stock Comprising Raw Materials, Stock In Process, Finished Goods, Consumable Stores and Spares, Book Debts, Outstanding Moneys, Receivables, Claims and Bills At The Company's Premises, Or At Such Places As May Be Approved By The Bank From Time To Time Including Goods In Transit/ Shipment With ICICI Bank.
Short particulars of the property charged	First pari-passu charge by way of hypothecation of entire stock comprising raw materials, stock in process, finished goods, consumable stores and spares, book debts, outstanding moneys, Receivables, claims and bills at the company's premises, or at such places as may be approved by the bank from time to time including goods in transit/ shipment with ICICI bank.
Date of latest modification prior to the present modification	25.04.2008
Particulars of the present modification	By present modification the cash credit limit was reduced from Rs.200.000 millions to Rs.100 millions. Thus total credit facilities stand at Rs.350 millions. The bifurcation of credit facilities are as under: 1) Cash credit: Rs.100.000 millions. EPC/PCFC/EBN(with in cc): Rs. (75.000) millions. Inland bill discounting(with in cc): Rs.(50.000) millions. 2) L/C: Rs.150.000 millions. 3) B/G: Rs.100.000 millions. Total: Rs.350.000 millions. (full interchangeability between cc and l/c and b/g limits.

FIXED ASSETS:

· Goodwill

· Brand and Trademarks

· Patents and Knowhow

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Lease Hold Improvement

· Furniture and Furniture

· Railways Sliding

· Motor Vehicle

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.67
UK Pound	1	Rs.69.45
Euro	1	Rs.59.37

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		58

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.